An Echelon Media Company
Tuesday April 23rd, 2024

Lexicon Tech identified a market need, and now it’s going global

Aruna Silva, Lexicon Tech’s Chief Executive and Chief Operations Officer, Lathika Pinidiya

Lexicon Tech was founded in 2019 to fill a void in the market for end-to-end systems integrations solutions. The startup ended its second financial year with $1 million in revenues and a growing client base in Sri Lanka, Bangladesh, Cambodia, Singapore, and West Asia. With Sri Lanka as the innovations and delivery hub, the company’s office in Singapore will drive expansion across Asia and Africa. Lexicon Tech’s Chief Executive, Aruna Silva, and Chief Operations Officer, Lathika Pinidiya, discuss the factors behind the startup’s stellar performance since launching less than three years ago.

What was the founding purpose for Lexicon Tech? What were the business problems you envisioned solving for your clients?

Aruna Silva: We established Lexicon Tech more than two years ago after identifying a vacuum in the market for system integrators and business applications consultancy. The founders come from diverse backgrounds, including consultancy and tech development. The synergy within the management team quickly gave us an advantage in the market and helped grow the business as we successfully addressed a pressing market need. We essentially help companies build seamless, integrated business solutions from multiple software and hardware sourced from various vendors. Our advantage derives from possessing deep industry knowledge, tech expertise, and relationships with vendor brands, solidified by our ability to understand the unique business needs and execute projects on time.

How has the journey been thus far? Can you tell us about your clients, growth, and strategies to grow your market reach?

Aruna Silva: We acquired a few clients, some of which were foreign companies, as soon as we launched Lexicon Tech in February 2019, and this gave us the confidence to grow the business. Lexicon Tech quickly established a reputation for building integrated ERP solutions. We soon diversified our offering, transitioning from a traditional consultancy to deep systems integrations by partnering with leading brands in applications, networks, and hardware products.

What excites me the most is our entry into Cloud transformation, a relatively nascent concept in this market. We have the edge over competitors because we had built expertise in Cloud technology since its inception, and now we are capitalising on this advantage.

Today, we are a full-fledged business development company helping companies by providing end-to-end solutions in systems integrations, ERP solutions, network security, cloud adoption, and digital transformations. One of our notable collaborations with leading global tech brands is our partnership with Oracle, a key partner with whom we have delivered several successful projects.

We have many clients from a range of industries including telecommunications, banking and finance, manufacturing, and autos. We recently concluded our second financial year with $1 million in revenue, and we are encouraged that business is growing quarter-on-quarter. We have expanded into Bangladesh, Singapore and West Asia and looking to enter the African market. We aim to position Lexicon Tech as a reputable brand in system integrations in Asia and the Middle East, and soon, across Africa.

Can you tell us about the culture you are trying to establish and why culture is so important to you?

Aruna Silva: Lexicon Tech is a customer-centric company. To be successful, we try to align everyone with a single-minded objective of providing superior service and delighting customers by diligently attending to their needs around the clock, which is why we have a flat structure that empowers people to be innovative and enterprising. Most of our staff are zoomers (Gen-Z), so we have created a friendly, energetic working environment. We have a culture of learning and constantly upgrading our skills and expertise. It gives us a better understanding of our customers, their pain points and evolving needs to provide better solutions.

Can you take us through your strategy as a systems integrator?

Lathika Pinidiya: An SI business typically works with principal (or third party) technology vendors to provide solutions to end customers. As a startup, we did not want to collaborate with too many principals but focused on a few leading global brands. Initially, we focused on partnering with Oracle to build end-to-end ERP and Cloud-based solutions for our customers. Gradually, we expanded our collaborations to around 20 leading global brands in other areas to deliver the best solutions to our clients. This strategy helped us achieve a more focused growth, and even during the Covid-19 pandemic, we onboarded new local and overseas clients and kept revenue growth at a steady pace.

What are your plans for operational expansion, and how will you achieve this amidst the global economic challenges while ensuring the culture remains stronger?

Lathika Pinidiya: Our plan from the get-go was to venture overseas for growth. We had to build a robust domestic client base first, but from 2020 onwards, despite the global pandemic, we have been growing our overseas business, starting with Singapore. We will develop Singapore into a base to reach the Asia-Pacific region, while Sri Lanka will be the innovation centre and project delivery hub. We have made inroads into Bangladesh and Cambodia and are pretty excited about the opportunities we are unlocking for ourselves. In a way, the pandemic helped us showcase our expertise and inherent strengths. Lockdowns and travel restrictions meant that people paid much more attention to credibility, reliability, and trust. By exceeding expectations, we cemented new relationships much faster.

In an industry where delivery matters more than anything, we invest considerably in our team of around 30 consultants. Most of them are young people who grew up with technology; they adapt to technological upheavals so fast that it is almost natural. We created a work environment that gives them the comfort to do what comes naturally to them, and this will help Lexicon Tech grow.

What are the key differentiators that set Lexicon Tech apart?

Lathika Pinidiya: There are several, but first and foremost is our approach to systems integration and consultancy. We decided to start Lexicon Tech because most systems integrators only sold products. We aim to provide solutions instead, and our people and culture revolve around that. Unlike typical IT or SI companies, we also give advisory and consultancy services to our clients. Whenever they need a competitive solution, they only have to reach out to us. I believe that customers are in a very comfortable zone every step of the way with us. Flexibility is another one of our strong suits. We can pivot fast, respond effectively to client concerns and needs. Close monitoring of all projects ensures that any deviations are dealt with swiftly without hampering delivery timelines.

We play more like a one-stop-shop. Recently we started our ELV business practice in security and surveillance solutions like CCTVs. Not many IT companies are in this space. All this ties up with our quick service deliveries, responses and flexibility, making us different from other players in the market. These will be important when we move into foreign markets too.